Sauber team principal Monisha Kaltenborn has warned that the absence of a budget cap in Formula One could “ruin” the sport, ahead of a crunch meeting between the teams and the FIA on the issue of costs on May 1.

In December last year the FIA announced a global budget cap would be introduced for the start of the 2015 season, but those plans were overturned by the F1 strategy group earlier this year.

The F1 strategy group is made up of Red Bull, Ferrari, Mercedes, McLaren, Williams, Lotus, the commercial rights holder (CRH) and the FIA, with the individual teams holding one vote each and the CRH and governing body both holding six. FIA president Jean Todt revealed earlier this month that he had been outvoted on the principle of a budget cap and the issue of costs would now be addressed through changes in the regulations.
Read more at here